Hiscox cuts Lloyd's capacity.
Investors Chronicle - magazine and web content, March, 2008
RESULTS: With premium rates under pressure, the insurer is deploying capital elsewhere. Anthony Lugg
Last summer's floods in the UK, as well as Windstorm Kyrill claims, didn't stop Hiscox from delivering a near five percentage point improvement to its combined group ratio (of claims to premiums). But with premium rates coming under pressure across the sector, Hiscox has cut its syndicate capacity at Lloyd's by 20 per cent, planning instead to return GBP50m of surplus capital and repay GBP50m of debt.
Premium rate pressure is biting most in international big-ticket lines - less so in reinsurance - and Hiscox plans to expand its domestic business in the US, boosted by the acquisition of the American Live Stock Insurance Company. Still, UK property...
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